In its most basic form, crypto ATMs are a simple and familiar way for individuals to convert fiat currency (general government currency like dollars, Euros, or pounds) into cryptocurrency. A person walks up to a stand-alone kiosk to purchase crypto by inserting cash or debit cards and completing a few basic steps. They aren’t nearly as intimidating as going online, accessing a crypto exchange, and dealing with next-gen concepts like crypto wallets. Indeed, these crypto Bitcoin ATMs near Woodward Ave, Detroit, MI, may be more approachable for individuals who may not be as comfortable with technology or distrust digital banking.
Reasons why you need a Bitcoin ATM:
Immediacy
Crypto Bitcoin ATMs can complete transactions in a few minutes.
For a buy order, as soon as money has been inserted into our ATM, a purchase is executed for the total payment amount. If you’re looking to make a sell order, our cryptocurrency ATMs make it so that you no longer need to wait several days to receive cash.
Ease of use
All you have to do is follow a straightforward step-by-step process when using ATMs. You do not need to set up an account, or online wallet, or deal with lengthy public keys. Your receipt contains a QR code with public and private keys, which can be scanned and immediately recognized by standard wallet apps if you have one.
Security
The infrastructure behind the cryptocurrency Bitcoin ATMs near Woodward Ave, Detroit, MI (including the support team) is hosted with intermediary financial status. The related cryptocurrency nodes, used to send and receive transactions, are also hosted, operated, and managed by us. Another security measure is that whenever a new transaction request is made, our ATMs generate a new private key and public key as QR codes printed on a paper known as a “paper wallet.”
Flexibility
You can buy or sell cryptocurrencies at any of our locations whenever you want. We provide a paper wallet that allows you to choose between keeping your cryptocurrency offline on a hard wallet or transferring it to an online wallet.
No need for a customer account
We do not require customers to have an account with us or complete identity verification checks (KYC) to use our ATMs.
Indeed, the swiss regulation related to Anti-Money Laundering allows you to make single or several transactions for a total amount of CHF 1’000.- per day. If you want to exceed this limit, you must create an account on bity.com and be verified according to Bity’s KYC procedure.
ATMs are more likely to be owned and operated by companies focused on the cryptocurrency industry. In some cases, a bitcoin ATM may be operated by a company that offers its own trading platform or wallet. These companies may require a customer to have an account to conduct a transaction, much like banks do.
